Palm oil closes higher

Palm oil closes higher

KUALA LUMPUR (Reuters): Technical covering pushed up Malaysian palm oil futures at the close on Monday ahead of the Muslim Eid al-Adha celebration and an edible oils conference this week, traders said.

Some traders said state-run plantation company Felda, which they said was supporting the market last week, was active again to lift prices ahead of the conference organized by the Commodity and Monetary Exchange of Malaysia (COMMEX).

Traders said the absence of top government officials from the conference could leave players in the dark over the future of a recent agreement to boost prices.

At the close on Monday, the benchmark third-month May futures contract was up 24 ringgit at 789 ringgit ($207.63) a ton, the day's high. Volume was 1,391 lots.

Physical March (south and central) crude palm oil was offered at 750 ringgit a ton against bids at 745. It traded at 745 for south and at 740 to 745 for central.

Physical April (south) was offered at 780 ringgit against bids at 775. No trade was reported.

April (central) saw offers of 780 and bids of 770, with no business reported.

Among refined products, March RBD palm oil was offered at $222.50 a ton FOB and April at $227.50.

There were offers for March RBD olein at $230 and April at $235.

March RBD palm stearin was offered at $192.50 and March palm fatty acid distillate at $170.